ReNew Energy Global (NASDAQ:RNW) Stock Price Down 3.6% – Here’s What Happened

ReNew Energy Global Plc (NASDAQ:RNW) was down 3.6% during trading on Wednesday . The stock traded as low as $5.19 and last traded at $5.28. Approximately 373,058 shares changed hands during trading, a decline of 57% from the average daily volume of 865,418 shares. The stock had previously closed at $5.48.

Wall Street Analyst Weigh In

RNW has been the subject of several analyst reports. Roth Mkm reduced their target price on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 19th. Morgan Stanley lowered shares of ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, September 26th.

ReNew Energy Global Stock Performance

The stock has a market cap of $1.99 billion, a PE ratio of 182.67 and a beta of 0.95. The company has a quick ratio of 0.66, a current ratio of 0.67 and a debt-to-equity ratio of 4.65. The firm has a 50 day moving average price of $5.94 and a 200 day moving average price of $5.95.

Institutional Investors Weigh In On ReNew Energy Global

Several institutional investors have recently added to or reduced their stakes in RNW. Barclays PLC lifted its holdings in shares of ReNew Energy Global by 382.5% during the third quarter. Barclays PLC now owns 26,381 shares of the company’s stock worth $166,000 after purchasing an additional 20,913 shares during the period. Verition Fund Management LLC acquired a new stake in shares of ReNew Energy Global during the third quarter worth about $426,000. Northwest & Ethical Investments L.P. lifted its holdings in shares of ReNew Energy Global by 3.3% during the third quarter. Northwest & Ethical Investments L.P. now owns 2,161,194 shares of the company’s stock worth $13,594,000 after purchasing an additional 68,308 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of ReNew Energy Global by 40.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 699,905 shares of the company’s stock worth $4,402,000 after purchasing an additional 202,100 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of ReNew Energy Global by 4.3% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 281,126 shares of the company’s stock worth $1,768,000 after purchasing an additional 11,639 shares during the period. Institutional investors and hedge funds own 43.56% of the company’s stock.

About ReNew Energy Global

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.